USD/JPY: technical analysis

On the daily chart , the pair is trading in the lower Bollinger band . The price remains below its moving averages that are directed down. The RSI is about to retest its longer MA. The Composite is growing towards its longer MA as well.

USD/JPY, H4

On the 4-hour chart, the pair is trading on the middle MA of Bollinger Bands . The price remains below its moving averages that are turning down. The RSI is turning down towards its longer MA. The Composite is testing its resistance level.

The price is consolidating between its descending trendline and 61.8% fan line and 50% retracement.
Long positions can be opened from the level of 102.96 with targets at 104.14, 105.25 and stop-loss at 102.23. Validity – 3-4 days.

Short positions can be opened from the level of 99.61 with the target at 96.86 and stop-loss at 100.19. Validity – 3-4 days.